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The UAW's 'record contract' hinges on pensions, battery plants

DETROIT - After nearly four weeks of disruptive strikes and hard bargaining, the United Auto Workers and the Detroit Three automakers have edged closer to a deal that could offer record-setting wage gains for nearly 150,000 U.S. workers. General Motors, Ford Motor and Chrysler parent Stellantis have all agreed to raise base wages by between 20% and 23% over a four-year deal, according to union and company statements. Ford and Stellantis have agreed to reinstate cost-of-living adjustments, or COLA. The companies have offered to boost pay for temporary workers and give them a faster path to full-time, full-wage status. All three have proposed slashing the time it takes a new hire to get to the top UAW pay rate. The progress in contract talks follows the first-ever simultaneous strike by the UAW against Detroit's Big Three automakers. The union began the strike on Sept. 15 in hopes of forcing a better deal from each major automaker. But coming close to a deal is not the same thing as reaching a deal. Big obstacles remain on at least two major UAW demands: restoring the retirement security provided by pre-2007 defined benefit pension plans, and covering present and future joint- venture electric vehicle battery plants under the union's master contracts with the automakers. On retirement, none of the automakers has agreed to restore pre-2007 defined-benefit pension plans for workers hired after 2007. Doing so could force the automakers to again burden their balance sheets with multibillion-dollar liabilities. GM and the former Chrysler unloaded most of those liabilities in their 2009 bankruptcies. The union and automakers have explored an approach to providing more income security by offering annuities as an investment option in their company-sponsored 401(k) savings plans, people familiar with the discussions said. Stellantis referred to an annuity option as part of a more generous 401(k) proposal on Sept. 22. Annuities or similar instruments could give UAW retirees assurance of fixed, predictable payouts less dependent on stock market ups and downs, experts said. Recent changes in federal law have removed obstacles to including annuities as a feature of corporate 401(k) plans, said Olivia Mitchell, a professor at the University of Pennsylvania Wharton School and an expert on pensions and retirement. "Retirees want a way to be assured they won't run out of money," Mitchell said.

All eyes on Detroit as automakers prepare for slow, careful reopening of plants

DETROIT — The U.S. factories that make Fords, Chevys and Jeeps are coming back to life this week as workers install new safety equipment and wake up machines ahead of the high-stakes restart the Detroit automakers plan to launch on Monday. Ford, General Motors and Fiat Chrysler Automobiles all plan to reopen North American factories on May 18. The reopening of the U.S. auto sector will be a closely watched test of whether workers across a range of industries can return to factories in large numbers without a resurgence of COVID-19 infections. How well the automakers do will be significant for the U.S. economy, as nearly 1 million workers are employed in the sector. Executives at Ford and GM said separately this week the companies have not recorded any cases of COVID-19 transmission in plants outside the United States since adopting new safety protocols. Those procedures include mandatory face masks, separation of workers on assembly lines, frequent cleaning of work areas and requirements that workers pass through temperature monitors and report any symptoms before entering a plant. The Detroit Three have taken unprecedented steps to share information about coronavirus safety practices and develop a common set of workplace standards for their restarts, working with the United Auto Workers union, executives said. "We thought it was critical that we did it together," Ford manufacturing and labor chief Gary Johnson told Reuters. "We've never done this as an industry." The Detroit automakers will restart U.S. plants without regular testing of workers, because they do not have access to sufficient testing capacity, executives and UAW officials said. They will test workers who report COVID-19 symptoms or have fevers discovered by temperature scanners installed at factory entrances. "We have to continue to push for this testing," United Auto Workers union Vice President Cindy Estrada told Reuters on Wednesday. "Unless we have testing weekly to keep sick people out of the plant there is always a risk." Adopting new safety practices is just part of the work the companies must do to reopen after an extraordinary shutdown that has lasted two months.   Wave zero At Ford, workers going in to ready factories are part of what Chief Operating Officer Jim Farley calls "wave zero." The work of wave zero employees "is really important for success of the startup," he said in an interview.

Exceptionally rare '65 Ford GT40 Roadster prototype up for auction

Think of mid-engined supercars and your mind is bound to gravitate towards Europe, but the United States has been known to make a handful from time to time - exceptional vehicles from the likes of Vector, SSC, Mosler, Hennessey, and Saleen. But long before any of those came around, Ford famously became obsessed with beating Ferrari at its own game, leading to the development of the iconic GT40.
The story is well known, sending Ford to the checkered flag at Le Mans four times in a row in the late 1960s. Ford and Shelby also built over 100 for public consumption, but just four of them were roadsters. Of those only one remains in original condition, and now that exceedingly rare example going up for auction.
Consigned to RM Auctions for its mid-August sale during Pebble Beach weekend in Monterey, California, this 1965 model is the first GT40 Roadster built. It was used as a development and demonstration vehicle for Ford and Shelby. Carroll Shelby himself drove Henry Ford II in this very car during one of many test and demo events, this time held for Ford's board of directors in Los Angeles.